A proposed import tax hike mooted by the Trump administration on certain European products could put 10% of Italian food exports to the US at risk, a new study by Italian farmers lobby group Coldiretti claims.
The report quantifies the amount of predicted lost revenue at €3.8 billion out of a total of €38.4 billion worth of Italian food exports to the US.
The US is Italy’s third largest food export market, after Germany and France, but ahead of the UK.
Wine is the most popular Italian product in the US and is worth €1.35 billion (+5% in 2016), ahead of olive oil (€499 million, +10%), cheese (€289 million, +2%) and pasta (€271 million, +4%).
Coldiretti president Roberto Moncalvo stressed that the EU and Italy “cannot give up the high standards achieved in the food industry” but must rather “raise the level of product safety in Europe and in the US where there is increased demand for local products with a strong and secure background”.
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Branislav Pekic. Click subscribe to sign up to ESM: The European Supermarket Magazine